How Much Is Renters Insurance? (2024)

Renters insurance cost information

The average price of renters insurance through Progressive Home’s program is based on 12-month policy data divided into monthly payments. Progressive Home doesn't offer renters insurance in Hawaii or Alaska.

We continuously update this page, so keep checking back for new information. When researching average prices, paying attention to the data source and the year represented is essential because renters insurance rates may change frequently. Any data that's several years old may not be relevant anymore. While this data provides insight about the average cost of renters insurance, it isn't customized to your situation. For exact prices, you can get a renters insurance quote online or by calling 1-866-749-7436.

Renters insurance cost factors

Location

The crime rate in your ZIP code can significantly influence your renters insurance rate. Many insurance companies use it to determine your likelihood of filing a renters insurance theft claim. Geographical factors such as climate and weather patterns may not influence your renters insurance cost as much they would on a homeowners insurance policy. Learn more about renters insurance requirements by state.

Type of residence

The kind of structure you're renting may influence the cost of your renters insurance per month. Renting a single-family home will likely cost more than renting an apartment because theft is considered more common in homes than in apartments.

If you're renting an apartment, bigger buildings may equal lower renters insurance rates. For example, the average cost of renters insurance in a high-rise complex may be lower than in a building with less than nine rental units. This cost increase is because high-rises often have a lower risk of theft and increased fire and security features.

Insurance score

Some renters insurance companies may use an insurance score in certain states. Companies calculate your insurance score using information on your credit report and your loss history. Insurers value this information because data suggests a correlation between credit and loss history and insurance risk. Typically, the higher your score, the lower your renters insurance cost.

Coverage selections

Increasing your coverage limits can raise the cost of your renters insurance policy. Choosing a lower renters insurance deductible, the amount you pay out of pocket if you have a claim, will also increase your renters insurance rate. On the other hand, choosing a higher deductible will decrease the price of renters insurance.

Learn more about our available renters insurance coverages.

Renters insurance cost FAQs

Why does renters insurance cost less than home insurance?

Renters insurance won’t cover the actual structure of the home or building you’re renting. This is typically covered by your landlord’s insurance.

Does the cost of renters insurance increase with high-value items?

Yes. The value of your personal property can impact your renters insurance cost. Make sure the limits on your policy’s personal property coverage are high enough to insure all your belongings. Because your renters insurance company often has sub-limits on certain items, you may need an insurance rider on your policy to cover valuable belongings such as jewelry or engagement rings.

How can I save on renters insurance?

You may be able to lower the cost of your policy with several renters insurance discounts, such as having multiple policies with Progressive, quoting in advance, paying in full, receiving documents by mail, and living in a gated or secured community.

Get a renters insurance quote today

How Much Is Renters Insurance? (2024)

FAQs

How Much Is Renters Insurance? ›

The typical renters insurance policy offers $100,000 in liability coverage. For renters, this amount is often sufficient. However, if you entertain company frequently at your home or if your assets exceed your limit, you should consider a coverage amount equal to at least the total value of your assets.

What's the best amount of renters insurance? ›

The property coverage limit on your renters insurance policy should be close to the value of what you own. Getting this level of coverage will protect you in a worst-case scenario event where all of your belongings are destroyed.

How much is renters insurance ok? ›

The average cost of renters insurance is about $15 to $20 per month1. However, what you end up paying depends on a number of factors.

Is renter insurance worth it? ›

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.

What are the four steps in figuring out how much renters insurance you should have? ›

In order to estimate how much renters insurance you need and calculate how much it will cost, you'll need to consider four things: The value of your personal property, how much liability coverage you need, where you live, and any other extra coverages you might want to add based on your circumstances.

Why is my renters insurance so high? ›

Insurance is all about risk, so customers that live in areas with higher risks of claims usually have to pay more for coverage. Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code.

Why did my renters insurance go up? ›

Renters insurance premiums can rise if you have a bad credit score, while good credit can lower them. Paying off debts can help you establish credit. Location: The cost of renters' insurance varies depending on the crime rate in your locality and proximity to a fire station from where you live.

What does renters insurance actually cover? ›

Renters insurance covers personal property, personal liability, medical payments and additional living expenses or loss of use, up to the limits of your policy.

Does renters insurance increase after a claim? ›

In most cases, yes, your insurance premiums will increase after filing a renters claim. As it recalculates your premiums in the wake of a claim, your insurance company will generally consider the type, amount and frequency of claims. The more often you file claims, the riskier you are to insure.

What is a good deductible for renters insurance? ›

You'll choose your deductible when you buy a renters insurance policy. A higher deductible means your claims will cost you less money out of pocket. Typically, renters insurance deductibles are $500 or $1,000, but companies often provide a range of options.

Why is it bad to not have renters insurance? ›

Your Landlord Won't Cover Damages

For example, if there is a fire in your apartment, and you lose everything, your landlord will not pay to replace your belongings, even if the fire is not your fault. The same goes for many other kinds of emergencies that could befall a renter.

Do I need renters insurance if I live with my boyfriend? ›

Does each roommate need renters insurance? Many insurance companies will require roommates to have their own separate renters insurance policy rather than allowing roommates to be on a policy together. If your landlord doesn't mandate renters insurance, you and your roommates aren't required to carry a policy.

How would you calculate how much coverage you need? ›

One of the simplest ways to get a rough idea of how much life insurance to buy is to multiply your gross (a.k.a. before tax) income by 10 to 15. Another popular formula recommends adding $100,000 to that amount for each child's college education expenses.

What are the three ways that renters insurance protects a renter? ›

Renters insurance policies are helpful in three ways: repairing or replacing your belongings if damaged, paying for living expenses if you're displaced, and covering damages to others.

What are the three major parts of a renters insurance policy? ›

Renters insurance has three basic coverage components: personal possessions, liability, and additional living expenses.

Does renters insurance cover structural damage? ›

Renters insurance does not usually cover any structural property damage. If you want it to cover damages to other property, you would need some sort of renters liability protection. Liability coverage can provide you financially from accidental and unexpected damages you cause to other properties.

What does having 80/20 coverage mean? ›

Simply put, 80/20 coinsurance means your insurance company pays 80% of the total bill, and you pay the other 20%. Remember, this applies after you've paid your deductible.

What does a standard renters insurance policy cover? ›

Most renters policies will cover losses due to fire, smoke, theft or vandalism, and certain kinds of water damage. They don't cover losses due to floods. Visit the National Flood Insurance Program for information about flood coverage.

What options are there when choosing this renters insurance? ›

There are two ways in which renters insurance reimburses—actual cash value, which pays what the property was worth at the time of damage, and replacement cost, which pays the full cost of replacing the items with new ones.

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